永兴材料（002756）：成本优势突出，盈利韧性十足

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company demonstrates strong operational stability and cost advantages, showcasing significant profit resilience during cyclical pressures. In Q1 2025, the company achieved a gross margin of 16.84%, with a net profit margin of 10.93% [5][4]. - The company's revenue for Q1 2025 was 1.789 billion, a year-on-year decrease of 22.24% and a quarter-on-quarter decrease of 2.95%. The net profit attributable to the parent company was 191 million, reflecting a year-on-year decline of 59.12% but a quarter-on-quarter increase of 163.79% [2][4]. - The company has a healthy balance sheet with cash and cash equivalents of 5.458 billion as of the end of Q1 2025, and it has almost no long-term debt, which contributed to financial income of 32.91 million in Q1 2025 [10]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.789 billion, a decrease of 22.24% year-on-year and a decrease of 2.95% quarter-on-quarter. The net profit attributable to the parent company was 191 million, down 59.12% year-on-year but up 163.79% quarter-on-quarter. The net profit excluding non-recurring items was 182 million, down 41.02% year-on-year and up 50.77% quarter-on-quarter [2][4][5]. Market Conditions - The lithium price saw a quarter-on-quarter decline in Q1 2025, with the average price of battery-grade lithium carbonate at 75,800 per ton (including tax), down 0.5% [5]. - The company faced a slight decrease in lithium salt sales due to the suspension of a production line for technical upgrades at the beginning of the year [5]. Strategic Positioning - The company is positioned on the left side of the cost curve in the lithium industry and continues to pursue cost reduction and efficiency improvements. The expansion of production capacity and the implementation of the technical upgrade project for battery-grade lithium carbonate are expected to enhance profitability [10]. - The overall supply-demand dynamics in the lithium industry are improving, with the excess supply starting to narrow, which may stabilize lithium prices [10].